Review And Analysis Of Your Financial Situation
Comprehensive financial planning is the complete approach to addressing your entire financial life.
This includes cash flow analysis, retirement planning, personal risk management, investment management, tax management and estate planning.
A comprehensive needs-matched comparison considers your needs and life-changing requirements. On analysis of your completed form, the assignment may require a consulting payment. This is dependent on the number of hours required. The consulting fee will be subsidised by any commissions or fees payable should business be placed on your behalf. This will be discussed before going ahead.
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There are many variations and no technical definition issued by the regulatory bodies that defines comprehensive financial planning. So it’s not unheard of that very few people understand the total picture that encompasses comprehensive financial planning.
What is comprehensive financial planning?
Comprehensive financial planning involves the detailed review and analysis of all facets of your financial situation. This includes areas such as:
- Cash flow analysis
- Retirement planning
- Risk management
- Investment management
- Tax management
- Estate planning.
If an advisor conducts a comprehensive analysis, it will reveal your true financial condition and then the proper plan can be recommended.
Think of a good comprehensive financial plan as being very similar to a health and wellness plan. You need to focus on and take care of all aspects of your health, not just a few. This can be called your comprehensive health and well-being plan. After all, each of the many aspects of your health and well-being depends upon and affect each other, all working together to help create optimal health and wellness.
And just the same, each of the many aspects of your financial situation depend upon and affect each other, all working together to help create a strong financial outlook. The benefits for both do not just affect you. Your family shares in the relief, comfort and advantages of your smart decisions as well.
Components of a Comprehensive Financial Plan
A comprehensive financial plan involves:
- A thorough review of your current financial situation
- A discussion and understanding of your long term, financial goals
- The development of a plan including all financial products needed to take you from where you are today to where you need to be in the future
A solid financial strategy includes, among other topics specific to your life situation and goals:
- Retirement planning
- Education / University planning
- Tax management
- Estate management
- Risk management
- Debt structure
- Insurance
- Complex life issues. This includes your family structure, such as taking care of aging parents now, or perhaps sooner than you expected to.
The only way to create an optimal financial plan, the only way that financial management professionals can help their client fully, is to understand the personal circumstances and look at everything: every bank statement, tax return, insurance policy, everything – in order to make qualified recommendations.
It would be difficult for your financial advisor to help you without first learning about, then assessing, and then addressing each portion of your financial picture.
You need the whole picture.
Again, confusion about what constitutes comprehensive financial planning is eyebrow-raising, but the variations out there may be because there is no strict regulatory definition of it. But the industry is slowly moving in the direction of embracing a more all-inclusive standard. We’re already there.